FX.co ★ Analysis of Gold for January 06,.2022 - Strong downside presssure

Technical analysis:

Gold has been trading downside in that past 24 hours and I see potential for further drop towards the important reference point at $1,784.

Trading recommendation:

Due to strong downside momentum and the breakout of pivot support at the price of $1,797,50, I see potential for further drop.

Watch for selling opportunities on the rallies with the the downside objectives at the price of $1,789 and $1,784.

In case of the bigger drop downside references are set at $1,762 and $1,754

Resistance level is set at the price of $1,801